§ 18660
501 words·~2 min read·
/ca/financial-code/18660A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this chapter, unless the context otherwise requires:
(a)“Authorized agency activities” means issuing investment certificates, renewing certificates of deposits, as defined in Section 18003.6, closing loans, servicing loans, and receiving payments on loans and other obligations. “Authorized agency activities” includes ministerial functions such as providing loan applications, assembling documents, providing a location for returning documents necessary for making a loan, providing loan account information, receiving payments, disbursing loan funds, evaluating loan applications, and other activities that the commissioner may specify by rule or order. However, “authorized agency activities” does not include any other activities that the commissioner may specify by rule or order.
(b)“Branch business unit” means all or substantially all of the business of a branch office of an industrial loan company.
(c)“California”:
(1)When used with respect to an industrial loan company, means a corporation of the type described in Section 18003 organized and licensed under the laws of this state.
(2)When used with respect to an office of an industrial loan company, means an office which is located in this state.
(3)When used with respect to a bank or an office of a bank, has the meaning set forth in subdivision
(a)or
(b)of Section 126.5.
(d)“Core business” means the business of issuing investment certificates, making loans, and other activities that the commissioner may specify by rule or order.
(e)“Depository institution affiliate” means a depository institution affiliate within the meaning of Section 18(r) of the Federal Deposit Insurance Act (18 U.S.C. Sec. 1828(r)).
(f)“Facility,” when used with respect to a foreign (other state) industrial loan company, means an office in this state at which the industrial loan company engages in noncore business but at which it does not engage in core business.
(g)“Foreign (other state) industrial loan company” means a corporation of the type described in Section 18003 organized under the laws of any state of the United States, as defined in Section 146.7, other than this state.
(h)“Insured”:
(1)When used with respect to an industrial loan company, means an industrial loan company, the investment certificates of which are insured by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(2)When used with respect to an investment certificate or deposit, means an investment certificate or deposit that is insured by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(i)“Law of the domicile,” when used with respect to an industrial loan company, means the law of the state of the United States, as defined in Section 146.7, under which the industrial loan company is organized.
(j)“Noncore business” means all activities permissible for an industrial loan company, except core business, and except those activities prohibited by law or determined by the commissioner by rule or order not to be noncore business.
(k)“Whole business unit” means all or substantially all of the business of an industrial loan company.